Scale, or revenue growth always prioritizes customer acquisition and more clients. But the often overlooked growth opportunities go beyond more customers: 1) the frequency of customer orders (is your product repeatable?) 2) the average order size, and 3) “going wide” such as offering a complementary product to your existing line. "Going wide" was a strategy used by the entrepreneurs in the book, The Great Rat Race Escape. Minor increases (10%) in these areas can yield 100% revenue growth.

If you haven't heard of "first principle thinking" it is worth learning and can be a great asset for your entrepreneurial journey, from solving problems, to discovering new opportunities. Elon Musk often speaks to "first principles" as one of his mental frameworks. Here is a great link to learn more:

https://www.maray.ai/posts/first-principles-thinking

A nice write up on the forum on how to find new ideas that can be leveraged in a Fastlane opportunity. This thread is ongoing, so keep checking for updates. The thread is written by an 8-figure entrepreneur who has had success in the space., and likely never needs to work again.

https://www.thefastlaneforum.com/community/threads/idea-generation-to-execution-fastlane-millionaires-step-by-step-guide.103810/

https://www.thefastlaneforum.com/community/threads/fastlane-success-8-figure-exit-now-back-to-the-starting-ground.103705/

The more you find yourself divergent from cultural trends, the more likely you will succeed. Culture is a proxy for mediocrity. The latest cultural talking point is the concept of anti-work, or anti-labor. Every low-paying, low-gratitude, and low-fulfillment job I had when I was young served greater purposes: Perseverance, discipline, accepting discomfort & more. Without those "crap" jobs, I wouldn't be where I am today. Don't fear unsatisfactory work that might appear to have no immediate benefit to your life.

https://www.thefastlaneforum.com/community/threads/how-does-a-culture-survive-when-a-whole-generation-refuses-to-work.103874/

Extreme Value: What is one tool or app that you use in your biz/life that is absolutely invaluable for the price paid?

I asked this question a year ago and got some great answers that really helped out a lot of people. For me, CANVA has been great for ease of use for scoping out new ideas from social media to book covers, certainly better than Adobe for some light weight applications.

What has been indispensible in your life or business, an extreme value?

I always find it an interesting case study on how companies acquire new customers, or specifically, how they convinced me to buy. Example: I ran across a beautiful home in my neighborhood with meticulous landscaping. In front on the lawn, a small sign was planted that advertised the landscape company. I snapped a pic. That simple, two-buck sign will prompt me to call and potentially become a customer since I’m not happy with my current landscape company.

Point: If you do great work, that great work is always an opportunity to showcase your work in effort to find new clients effortlessly.

Reframe failure as a scar of progress, not an act of losing. Failure means new experiences. Learning new things. Living with no regrets. Failure is to success as training/practice is to winning. Failure is only final when you make it final. F. Scott Fitzgerald said it best: "Never confuse a single defeat with a final defeat." PS: I'll have our app survey results next week. Have a great weekend!

Overcoming obstacles is part of the Fastlane. When you hit a wall, here are some ideas that could help: 1) Be solution focused 2) If someone else had the issue, what would u advise? 3) If you would be awarded $1M to solve the problem, what would you do? 4) If you were to die by not solving the problem, what would you do? Most walls we face can be climbed, character builders. Have a great week!

Last week some troubling things occurred in the crypto markets and a lot of people lost money, some folks millions. I am a strong believer in you should only invest in things you understand. If an investment requires you to have an PhD in engineering or mathematics, it is probably not something you should invest (or gamble) in. If you do, only deploy money you can afford to lose. Once again, the Fastlane is about control. You cannot control crypto markets or the fuzzy algo's behind them.

I'll have the results of the "extreme value for price paid" question at the end of the week. Interesting that most of the answers were small, private companies and not big tech operations. Couple of points here:

1) Huge opportunities exist in taking market share away from big, non-responsive tech giants.
2) People love doing business with small companies VS big monoliths.
3) Big companies are not nimble, and it is widely known that they offer POOR CUSTOMER SERVICE regardless on how good the product is.

Bottomline: Don't fear competing with big corporations -- your "smallness" can be viewed as a positive value skew.

Here are the results of our "extreme value" survey done a few weeks ago. Notion won the survey by far with the most mentions. I tried to list everything, but some solitary mentions are not listed if it really wasn't relevant to business.

A lot of these companies are fairly new, and started small. Canva is a few years old and has stolen BILLIONS in market share away from Adobe.

Don't fear the big guys! The big guys are RIPE for plucking! Have a great weekend!

I've been saying for over a decade that popular platitudes like "do what you love" and "follow your passion" encourage mediocrity and average results that won't change your life.

It's fools gold.

It seems my position is getting more popular as I'm finally starting to see mainstream books reflect the same sentiment I expressed years ago. This quote was pulled from Atomic Habits by James Clear. I view my life as a great reflection of my willingness to fight through challenges and tough times, even when the work sucked. Even when passion abandoned me. Better, when I conquered the challenge, or fought through the tough, tedious work, becoming someone improved, the passion returned.

Love this quote by Jim Rohn: "You must constantly ask yourself these questions: Who am I around? What are they doing to me? What have they got me reading? Got me saying? Got me thinking? Where do they have me going? And most important, what do they have me becoming? Is this OK? Life does not get better by chance, but by change." (And I will add, "by choice" too). Have a great weekend! -MJ

Via the forum: When do you quit on a venture? The answer depends on 4 items: 1) Have you made the right offer? 2&3: Has your offer reached the right audience & enough of them? 4) Is my value a productocracy? Many failed ventures aren't due to a failed product, but a failure of offer crafting, channel targeting, poor UI, more. A good product can signal failure w/o the right execution behind it.

https://www.thefastlaneforum.com/community/threads/how-do-you-know-when-to-give-up.104215/

For years I've believed that anyone can be an entrepreneur, and that if you don't have the right "mindset" you can change it. I'm not sure anymore. Fact is, most people do not change. Entrepreneurship is 90% in the head, 10% is behavior from those thoughts. If the 90% is messed up, the 10% doesn't have a chance.

If someone doesn't have what it takes mentally, but wants to change that: I would suggest as a first step is to tackle a discipline that requires a process and habits.

Learn how to play piano.
Get in shape.
Train for a bodybuilding show.
Train for a marathon.

Do SOMETHING that requires a process and series of habits. If you can do those things, guess what, you can be an entrepreneur.

Elon Musk's acquisition of Twitter has become bizarre.

As entrepreneurs, if you ever SELL or BUY a business, complete transparency is an absolute necessity. Expect it on either side of the transaction, especially if you are fortunate enough to sell a business.

On the buy side, if a seller refuses to disclose anything-- and I repeat-- anything, run the other way. Reports indicate that Musk "waived" due diligence on the property which is completely baffling, and downright foolish. Now that it appears BOTS might be > 5% of the users, he's balking. Never waive due diligence. Never.

None of my books have ever hit the New York Times best-seller list, and yet, I have sold more than most NYTs best sellers. Interesting wouldn't ya say?

That said, what is a great, "must read" book that is not widely known, hyped, or publicized? If you have a great book recommendation that is NOT widely known, like an underground favorite, please share and I will compile the data and share later.

Try sticking to business and self-development. PLEASE: No hyped "best sellers" that every Tom, Dick, and Harriet likes to recommend. Any NYT best-seller will be disregarded. While good books, mentioning Atomic Habits, The 4HR Workweek, and Rich Dad Poor Dad helps no one.

Looking forward to seeing the results and sharing the data!

If you only read books that come from best-seller lists, this means you are only reading viewpoints that come attached with a pre-approved consensus, stamped "ok" by big corporations and/or institutions.

I was a bit shocked to see that many people couldn't respond with books not found on any best-seller list. Instead, they recommended books that everyone has already read, everyone as already recommended, and everyone was already tired of hearing. Sorry, but only reading best-selling books gives you a narrow viewpoint deemed acceptable by culture. I wrote more about this here...

https://www.thefastlaneforum.com/community/threads/i-only-read-best-selling-books-which-gives-me-a-curated-narrow-viewpoint.104365/

Nothing wrong with reading best-sellers. But for every best-seller you read, you should probably dive into something that doesn't enjoy the big media/publisher hype train. You'll likely find something more actionable in the hidden-gems, moreso than the big best-sellers that everyone reads, and everyone tries to mimic.

If you'd like to contribute to the "hidden gem" book discussion, feel free to enter your recommendations at the following Google form:

https://forms.gle/3jF96nRneP8YtDUb6

If you make a recommendation, again, I repeat: NO BEST-SELLERS. NO FAMOUS AUTHORS. I'm not interested in seeing books that have been recommended 1,420 times and have 10,000 reviews at Amazon. Don't forget to include the author name in your recs.

Many thanks to people who made recommendations here, I will definitely review them however the thread has become quite chaotic so I might miss a few. Ultimately I will have this data compiled and share with the group for easy reading and review!

Do you want tires & brakes with your new car? Don’t “scumbag” your company. Here’s a great example of a good product that will lose customers due to excess marketing gimmickry.

https://bit.ly/3zRQSWC

I was ready to buy until they poured on the ridiculous marketing gadgetry and add-ons. When you’re done with all the BS, the price exceeds $500. What a great way to sour your brand. Not only will I pass, but I will leave with a negative view on your business. And yet, some people call this "good marketing." Vomit. 🤮🤮🤮🤮🤮